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debt collection

Monday’s need-to-know money news

September 30, 2013 By Liz Weston

Doctor feesHow to do your banking on your phone, solving the mysteries of Obamacare, and avoiding the habits that could ruin your retirement.

Can a Debt Collector Double My Debt?
Unfortunately, they can.

How to Stay Safe Banking on Your Phone
Learn how to safely pay your bills in between rounds of Angry Birds.

Obamacare Isn’t Communism, And 13 Other Questions Answered
Clearing up the mysteries surrounding the Affordable Care Act.

Habits That Can Ruin Your Retirement
Retiring doesn’t mean you can get lazy.

What Obamacare will mean for retirees
The prescription drug plan donut hole is shrinking.

Filed Under: Liz's Blog Tagged With: affordable care act, banking, debt collection, obamacare, Retirement

Wednesday’s need-to-know money news

September 18, 2013 By Liz Weston

House With Tree DamageDealing with debt collectors, surviving natural disasters, and getting the best deals on car insurance.

How to Figure Out Who Your Debt Collector Is
Know who’s behind the incessant phone calls.

If Your Finances Feel ‘Complex,’ It’s Probably a Bad Sign
If sorting through your finances requires a Ph.D, chances are you’re in deep trouble.

4 New Online Money Management Tools Worth A Try
New tools that can make your financial management time more productive.

What you need to know about applying for FEMA disaster assistance
As natural disasters spread across the United States, FEMA is prepared to help.

Do You Have the Right Car Insurance?
Don’t miss out on the best deal for you vehicle.

Filed Under: Liz's Blog Tagged With: car insurance, debt, debt collection, disasters, FEMA, financial adviser

Co-signing card leads to collectors’ calls

July 9, 2013 By Liz Weston

Dear Liz: I co-signed a credit card for someone and the person defaulted on payment. I started making payments but could not continue because I became unemployed. The debt started at $15,631.23 but has gone up to $17,088.08 because of interest and fees. I previously had to go to court because my bank account was frozen. I recently got a notice about this again. Should I file for bankruptcy or try contacting the attorneys who are seeking payment? I am working part-time and have a tight budget. I don’t have anything saved and am living from paycheck to paycheck.

Answer: You should have gone to a bankruptcy attorney the first time you got sued.

Many people try to ignore their debts or hope that collection agencies will be lenient. That’s not a good strategy at a time when collectors are increasingly willing to file lawsuits to get paid, said Gerri Detweiler, director of consumer education for Credit.com. Once collectors have a judgment against you, they can freeze your bank accounts or garnishee your paycheck.

If you don’t have anything saved and can’t come up with any money for payments, you have little leverage in dealing with a collection agency. Bankruptcy may be your only recourse to get these collection efforts to stop.

A bankruptcy attorney can let you know whether you are “judgment proof,” which basically means that you have and make too little for a creditor to collect on any judgments. If you are judgment proof, you may not need to file for bankruptcy, but you may have to deal with frozen accounts and regular trips to court when a collector oversteps.

You can get a referral from the National Assn. of Consumer Bankruptcy Attorneys at http://www.nacba.org.

The only silver lining of this situation is that you’ve provided other people with a clear lesson in why they shouldn’t co-sign a credit card or any other loan for someone else.

Filed Under: Bankruptcy, Credit & Debt, Credit Cards, Q&A Tagged With: Bankruptcy, collections, Credit Cards, debt collection, debt settlement, Debts

Wednesday’s need-to-know money news

July 3, 2013 By Liz Weston

creditThe mystery behind credit scores, why buy a dress when you can rent one, and what turns Americans off about haggling.

What Really Influences Your Credit Score?
The creators of the VantageScore, a rival to the leading FICO, discuss the formula behind the numbers.

Taking Control of Your Personal Debt

While the math may be simple, the choices can be difficult.

Should You Rent Your Next Dress?
Why pay thousands for a designer dress you’ll wear only a few times?

The Secrets of Super Travelers
How to travel like the pros.

Haggling Can Pay, But Many Americans Refuse to Bargain
Why Americans are wary of this worldwide custom.

Filed Under: Liz's Blog Tagged With: Credit Bureaus, Credit Scores, credit scoring, debt, debt collection, Debts, travel

Our #CreditChat is about to begin!

June 26, 2013 By Liz Weston

liz-westonIn a few minutes I’ll be answering your questions about how to deal with your debt on Experian’s #CreditChat, which starts at 3 p.m. Eastern/noon Pacific today. Topics include how to balance savings and paying off debt, which debts to tackle first, how to handle student loans and what to do if you’re drowning in debt. Easy ways to follow the conversation include Twubs or tchat.

Please join us!

Filed Under: Liz's Blog Tagged With: college costs, Credit Bureaus, Credit Cards, Credit Reports, Credit Scores, credit scoring, debt, debt collection, debt settlement, Debts, FICO, FICO scores, financial advice, mortgages, student loan debt, Student Loans

Please join me today for a #CreditChat on Twitter

June 26, 2013 By Liz Weston

liz-westonI’ll be featured as the guest expert on Experian’s #CreditChat at 3 p.m. Eastern today. I’ll be tweeting advice and tips about a bunch of important issues, including:

·         When to focus on savings and when to pay down debt

·         What debts to tackle first and which can wait

·         What to do about your student loans

·         What you should know before applying for a mortgage or auto loan

·         What to do if you’re drowning in debt

So come chat with me! Easy ways to follow the conversation include Twubs or tchat. I’ll look forward to hearing from you.

Filed Under: Liz's Blog Tagged With: Credit Bureaus, Credit Cards, Credit Reports, Credit Scores, credit scoring, debt, debt collection, Debts, FICO, FICO scores, financial advice

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